Third party vehicle insurance premiums in India likely to cost more

The Insurance Regulatory and Development Authority of India has proposed a hike in the third party vehicle insurance premiums by around 3 to 30 per cent across all categories. If the proposal is cleared, it will come into effect from April 1, 2016.

As per IRDA’s proposal, four wheelers with engine capacity below 1,000cc will attract a 30 per cent hike while those with engine capacity over 1,000cc will attract a 25 per cent hike in third party insurance premium.

Two-wheelers haven’t been spared either with a 9.63 per cent hike...